Flood Insurance
Floods are one of the most prevalent forms of disasters in the United States. The typical homeowners insurance policy specifically excludes damages that are a result of flooding. Unlike typical property insurance, flood insurance is purchased from the National Flood Insurance Program.
The National Flood Insurance Program (http://www.floodsmart.gov), established in 1968, is a federally-sponsored program that works with local communities to provide flood insurance. Flood insurance can be purchased through an insurance agency who is a member of the NFIP. Carlton Wright Insurance Agency is a participating member of the NFIP
Flood Insurance Coverage
Flood insurance, according to the NFIP site, can protect your home for up to $250,000 and cover your personal possessions for up to $100,000. And because flood insurance is provided through a federal program, these limits are fixed. Renter's can use a flood insurance policy to cover their possessions up to $100,000. Non-residential owners can have coverage limits of up to $500,000.
Unless there are specific lender requirements, a newly acquired flood insurance policy generally has a 30-day waiting period before it goes into effect.
To be covered by flood insurance, what is considered a Flood?
Flood insurance covers direct physical loss caused by "flood." In simple terms, a flood is an excess of water on land that is normally dry. Here's the official definition used by the National Flood Insurance Program.
A flood is "A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:
- Overflow of inland or tidal waters;
- Unusual and rapid accumulation or runoff of surface waters from any source;
- Mudflow*; or
- Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above."
*Mudflow is defined as "A river of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a current of water…"
Flood Insurance Links
- Flood Hazard Maps
- Top 10 Flood Insurance FAQs for Consumers (pdf document)
- Summary of Flood Insurance Coverage (pdf document)
© 2007 :: All Rights Reserved :: Site Design by 1 Stop Sites